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学者姓名：刘杰
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Abstract ：
Utilizing a sample of suspected stock manipulation cases identified through intraday data, we find a significantly negative relationship between the analyst following and the frequency of market manipulation. This relationship remains consistent when considering index reconstitutions as an instrumental variable to address potential endogeneity concerns related to analyst following. Furthermore, our findings indicate that the suppressive effect of analyst following on market manipulation is driven by the enhancement of pricing efficiency. Additionally, our results suggest that a higher level of independent institutional ownership can potentiate the impact of analysts following on curbing manipulation.
Keyword ：
Analyst following Analyst following institutional investor institutional investor market manipulation market manipulation pricing efficiency pricing efficiency
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| GB/T 7714 | Liu, Jie , Chen, Yangfa , Lin, Gengyan . The effect of analyst following on market manipulation [J]. | APPLIED ECONOMICS LETTERS , 2025 . |
| MLA | Liu, Jie 等. "The effect of analyst following on market manipulation" . | APPLIED ECONOMICS LETTERS (2025) . |
| APA | Liu, Jie , Chen, Yangfa , Lin, Gengyan . The effect of analyst following on market manipulation . | APPLIED ECONOMICS LETTERS , 2025 . |
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Utilizing a closing price manipulation detection model, we investigate the impact of market manipulation on investor behavioral biases. We find that the frequency of manipulation significantly increases investors' extrapolation, lottery preference, limited attention, and anchoring effect. These effects remain robust when we instrument a trading rule change as an exogenous determinant of market manipulation. Furthermore, our findings demonstrate that the increased information asymmetry on firm values and emotional fluctuations caused by market manipulation serve as potential channels to exacerbate investor behavioral biases. Additional analysis indicates that the influence of market manipulation on investor behavioral biases is more pronounced among firms with lower investor maturity, higher arbitrage costs, and in the optimism of investors.
Keyword ：
Information asymmetry Information asymmetry Investor behavioral bias Investor behavioral bias Investor sophistication Investor sophistication Market manipulation Market manipulation
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| GB/T 7714 | Liu, Jie , Zhang, Jingru , Chen, Zhenshan . The effect of stock market manipulation on investor behavioral bias [J]. | JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE , 2025 , 47 . |
| MLA | Liu, Jie 等. "The effect of stock market manipulation on investor behavioral bias" . | JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE 47 (2025) . |
| APA | Liu, Jie , Zhang, Jingru , Chen, Zhenshan . The effect of stock market manipulation on investor behavioral bias . | JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE , 2025 , 47 . |
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This study investigates the impact of heightened investor attention on stock price manipulation. To establish causality, we employ daily repeated quasi-natural experiments, where investors' attention is influenced exogenously by price rounding rather than by stocks' fundamental information. Our findings demonstrate that stocks included in the Winner List attract significant investor attention, which leads to increased stock price manipulation. A two-stage channel analysis reveals that this increased investor attention exacerbates stock price manipulation through noise trading. Moreover, the positive relationship between investor attention and stock price manipulation is more pronounced in stocks with higher firm-specific information asymmetry, fewer rational investors, weaker external monitoring, higher costs of arbitrage, and non-shortability. Additional analyses indicate that this positive relationship intensifies during periods of heightened investor sentiment, greater economic policy uncertainty, and increased geopolitical risk. Our study provides original evidence that the saliency of information exacerbates stock price manipulation and destabilizes financial markets.
Keyword ：
Investor attention Investor attention Noise trading Noise trading Saliency Saliency Stock price manipulation Stock price manipulation Winner list Winner list
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| GB/T 7714 | Li, Zhibing , Liu, Jia , Liu, Jie et al. Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments [J]. | JOURNAL OF BANKING & FINANCE , 2025 , 179 . |
| MLA | Li, Zhibing et al. "Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments" . | JOURNAL OF BANKING & FINANCE 179 (2025) . |
| APA | Li, Zhibing , Liu, Jia , Liu, Jie , Liu, Xiaoyu , Wu, Chonglin . Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments . | JOURNAL OF BANKING & FINANCE , 2025 , 179 . |
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Abstract ：
数字普惠金融通过提供资金支持、激发创新活力、促进要素流动和优化产业结构，全面赋能农村产业融合。利用大数据、区块链和人工智能等先进技术，数字普惠金融可以实现农村金融服务的高效运行，降低农村企业的融资成本，提高资源配置效率。同时，通过完善基础设施、健全征信体系和创新融资模式，数字普惠金融为农村经济的可持续发展提供强有力的保障。金融科技的进步不仅推动农业现代化发展，还促进城乡协调发展，为实现全面小康目标注入新的动能。
Keyword ：
农村产业 农村产业 农村金融 农村金融 数字普惠金融 数字普惠金融
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| GB/T 7714 | 刘杰 , 毕钰 . 数字普惠金融赋能农村产业融合的影响研究 [J]. | 绥化学院学报 , 2025 , 45 (05) : 51-53 . |
| MLA | 刘杰 et al. "数字普惠金融赋能农村产业融合的影响研究" . | 绥化学院学报 45 . 05 (2025) : 51-53 . |
| APA | 刘杰 , 毕钰 . 数字普惠金融赋能农村产业融合的影响研究 . | 绥化学院学报 , 2025 , 45 (05) , 51-53 . |
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Abstract ：
In 2019, Chinese stock market regulators launched a comprehensive reform of the IPO regulatory system, transitioning from the approval system to the registration system. Using this reform as a quasi-natural experiment, we investigate the impact of IPO systems on market manipulation. We find that the registration system reform significantly inhibits market manipulation by improving the quality of firms' information supply and reducing stock information asymmetry. In addition, our results indicate that the inhibitory effect of the registration system reform on market manipulation is more pronounced for firms with higher information exposure, greater information complexity, and a greater proportion of investors with better ability to interpret information. Further analyses show that the registration system reform also lowers trading values around manipulation events, and inhibits other types of trade-based manipulation and misconduct. This study sheds light on the crucial role of information transparency in financial markets' effectiveness and investor protection.
Keyword ：
Information asymmetry Information asymmetry Market manipulation Market manipulation Registration system reform Registration system reform
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| GB/T 7714 | Chen, Yangfa , Jiang, Ji , Liu, Jie et al. Registration system reform, information environment, and market manipulation [J]. | JOURNAL OF CORPORATE FINANCE , 2025 , 93 . |
| MLA | Chen, Yangfa et al. "Registration system reform, information environment, and market manipulation" . | JOURNAL OF CORPORATE FINANCE 93 (2025) . |
| APA | Chen, Yangfa , Jiang, Ji , Liu, Jie , Liu, Xiao , Wu, Weili . Registration system reform, information environment, and market manipulation . | JOURNAL OF CORPORATE FINANCE , 2025 , 93 . |
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Abstract ：
本研究以交易所年报问询函为研究对象，实证分析了非行政处罚性监管对股票价格操纵的影响及其作用机制。研究结果表明，问询函监管通过减少投资者间的信息不对称有效抑制了股票价格操纵。尤其是在回复内容翔实且回复内容与问询函高度相关的情况下，监管效果更加显著。此外，在信息不确定性较高、公司治理水平较低的企业以及投资者情绪低迷的时期，问询函监管的遏制作用更强。研究丰富了非行政处罚性监管的经济后果研究，并为股票价格操纵的治理提供了新的视角。
Keyword ：
信息不对称 信息不对称 信息披露 信息披露 公司治理 公司治理 股票价格操纵 股票价格操纵 问询函监管 问询函监管
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| GB/T 7714 | 罗胜旭 , 吴崇林 , 刘杰 . 非行政处罚性监管与股票价格操纵——基于交易所年报问询函的实证证据 [J]. | 金融发展研究 , 2025 , 11 (03) : 14-24 . |
| MLA | 罗胜旭 et al. "非行政处罚性监管与股票价格操纵——基于交易所年报问询函的实证证据" . | 金融发展研究 11 . 03 (2025) : 14-24 . |
| APA | 罗胜旭 , 吴崇林 , 刘杰 . 非行政处罚性监管与股票价格操纵——基于交易所年报问询函的实证证据 . | 金融发展研究 , 2025 , 11 (03) , 14-24 . |
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"股市黑嘴"通过在市场散播诱导性信息,影响投资者行为和股价表现,是典型的信息型市场操纵行为.本文利用中国证监会 2008 年至 2020 年披露的 148 例股市黑嘴操纵案件,实证检验了股市黑嘴操纵对股价崩盘风险的影响,并考察其影响渠道.结果表明股市黑嘴通过在市场上散播虚假信息,提高了市场信息不对称程度,加剧了操纵后的股价崩盘风险.进一步的分析发现,对于股票流动性和信息透明度较好的公司,股市黑嘴操纵对崩盘风险的影响相对较弱.
Keyword ：
信息不对称 信息不对称 信息型操纵 信息型操纵 股价崩盘风险 股价崩盘风险
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| GB/T 7714 | 李曦 , 陈振山 , 刘杰 . "股市黑嘴"与股价崩盘风险 [J]. | 管理现代化 , 2024 , 44 (1) : 52-63 . |
| MLA | 李曦 et al. ""股市黑嘴"与股价崩盘风险" . | 管理现代化 44 . 1 (2024) : 52-63 . |
| APA | 李曦 , 陈振山 , 刘杰 . "股市黑嘴"与股价崩盘风险 . | 管理现代化 , 2024 , 44 (1) , 52-63 . |
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Abstract ：
“股市黑嘴”通过在市场散播诱导性信息，影响投资者行为和股价表现，是典型的信息型市场操纵行为。本文利用中国证监会2008年至2020年披露的148例股市黑嘴操纵案件，实证检验了股市黑嘴操纵对股价崩盘风险的影响，并考察其影响渠道。结果表明股市黑嘴通过在市场上散播虚假信息，提高了市场信息不对称程度，加剧了操纵后的股价崩盘风险。进一步的分析发现，对于股票流动性和信息透明度较好的公司，股市黑嘴操纵对崩盘风险的影响相对较弱。
Keyword ：
信息不对称 信息不对称 信息型操纵 信息型操纵 股价崩盘风险 股价崩盘风险
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| GB/T 7714 | 李曦 , 陈振山 , 刘杰 . “股市黑嘴”与股价崩盘风险——基于中国证券监管行政处罚的实证研究 [J]. | 管理现代化 , 2024 , (01) : 52-63 . |
| MLA | 李曦 et al. "“股市黑嘴”与股价崩盘风险——基于中国证券监管行政处罚的实证研究" . | 管理现代化 01 (2024) : 52-63 . |
| APA | 李曦 , 陈振山 , 刘杰 . “股市黑嘴”与股价崩盘风险——基于中国证券监管行政处罚的实证研究 . | 管理现代化 , 2024 , (01) , 52-63 . |
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Based on a time-varying parameter vector autoregression model with stochastic volatility (TVP-VAR-SV), this paper investigates the dynamic effects of geopolitical risk on mutual fund risk taking in China across three-time horizons and at three selected time points. Overall, the impulse responses are time-varying and we find a negative effect of geopolitical risk on mutual fund risk taking until 2015, with the short-term effect being the most pronounced, suggesting that when professional investors such as mutual fund managers are faced with the stock valuation uncertainty due to a geopolitical shock, they choose to reduce market risk exposures. After 2015, the short-term effect begins to diminish and gradually turns positive, which could be explained by the fact that with the increasing abundance and diversification of investment instruments, fund managers have more effective investment tools and more sophisticated trading strategies to hedge against geopolitical risk, rather than reducing market risk exposure. Further, we explore the heterogeneous effects of eight types of geopolitical risk and three types of mutual fund. The results indicate that the effect of geopolitical actions is stronger than that of geopolitical threats, while the effect of narrow geopolitical risk is stronger than that of broad geopolitical risk. Moreover, we find that the response of the risk taking of growth funds to the geopolitical risk is weaker than that of balanced and income funds.
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| GB/T 7714 | Liu, Jie , Chen, Zhenshan , Zhu, Yinglun et al. The time-varying effects of geopolitical risk on mutual fund risk taking [J]. | PLOS ONE , 2024 , 19 (6) . |
| MLA | Liu, Jie et al. "The time-varying effects of geopolitical risk on mutual fund risk taking" . | PLOS ONE 19 . 6 (2024) . |
| APA | Liu, Jie , Chen, Zhenshan , Zhu, Yinglun , Chen, Yangfa , Huang, Yaoye . The time-varying effects of geopolitical risk on mutual fund risk taking . | PLOS ONE , 2024 , 19 (6) . |
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We investigate the effect of geopolitical uncertainty on stock liquidity by using the Taiwan misfired missile event as a natural experiment. This exogenous event provides us with a unique opportunity to overcome the challenges of time recognition and confounding economic effects in the identification. We find that geopolitical uncertainty has a significantly negative effect on the stock liquidity of Taiwan-related firms. The mechanism test shows that the increased stock price risk and information asymmetry are the two main channels through which geopolitical uncertainty decreases stock liquidity. Moreover, we find that firms' higher information transparency and regulators' timely information disclosure on geopolitical events can effectively mitigate the negative impact of geopolitical uncertainty on stock liquidity.
Keyword ：
G12 G12 G14 G14 G18 G18 Geopolitical uncertainty Geopolitical uncertainty information asymmetry information asymmetry information transparency information transparency stock liquidity stock liquidity
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| GB/T 7714 | Liu, Jie , Liu, Xiao , Wu, Weili et al. The effect of geopolitical uncertainty on stock liquidity: evidence from Taiwan misfired missile event [J]. | APPLIED ECONOMICS , 2024 , 57 (32) : 4647-4663 . |
| MLA | Liu, Jie et al. "The effect of geopolitical uncertainty on stock liquidity: evidence from Taiwan misfired missile event" . | APPLIED ECONOMICS 57 . 32 (2024) : 4647-4663 . |
| APA | Liu, Jie , Liu, Xiao , Wu, Weili , Zheng, Wanqing . The effect of geopolitical uncertainty on stock liquidity: evidence from Taiwan misfired missile event . | APPLIED ECONOMICS , 2024 , 57 (32) , 4647-4663 . |
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